Easy Mistakes For First-Time Las Vegas Real Estate Buyers To Make

Easy Mistakes For First-Time Las Vegas Real Estate Buyers To Make
by Lori Ballen and The Ballen Group at Keller Williams Realty Las Vegas Summerlin

According to the National Association of Realtors^®, nearly 40% of home buyers will be first-timers this year. In other words, if you are new to the Las Vegas real estate market you are certainly not alone. Since first-time Las Vegas real estate buyers experience the same learning curve as anyone everywhere, reviewing some of the more common missteps can spare them some of the angst those common mistakes cause. Some examples: 

 1) They Don’t Check Their Credit Score

New home buyers in Las Vegas tend to focus on the seller’s asking price, but don’t realize how greatly their credit score will affect how much they actually pay. They know their score is important to qualify for a home loan in Las Vegas, but not how a low credit score can result in a higher down payment and interest rate. A single percentage point of higher interest over a 30-year timeframe is…you get the picture! The takeaway? Start improving your credit score as soon as possible.

2) They Don’t Lay Out a Budget  

Las Vegas real estate buyers, buying for the first time, frequently don’t realize the impact of secondary costs. In addition to administrative, insurance and legal costs, there are also closing and other fees which can add 2%-5% to the purchase price. Add in property taxes and possibly monthly neighborhood homeowner’s association fees, and you can see why experienced home buyers first determine their maximum monthly budget figure — then stick to it. 

3) They Don’t Double-Check the Neighborhood

Once you’ve set your sights on an exciting new Las Vegas home for sale, it’s natural to quickly proceed to the purchasing details without second-guessing your choice. That’s all well and good — unless you have only visited it a few times, and all at the same time of day or day of the week. Make several return trips to the neighborhood on weekdays and weekends, daytime and nighttime: you want to be sure that your family will be comfortable with the neighborhood (and your future neighbors).

If this winter will find you searching for your new house, we want you to know that The Ballen Group, Las Vegas Real Estate Agent Team is here to help our clients every step of the way. Calling The Ballen Group for a consultation is your first step! 702-604-7739. Or book an appointment online now.

"The home buying process is intimidating but Sandy (buyers agent with The Ballen Group) made things run as smoothly as possible with explaining everything thoroughly and making herself available at all times." ~ Lorena Boroquez